Mastercard SpendingPulse: Housing-Related Sectors Soften, Experiential Spending Drives Growth
According to Mastercard SpendingPulse, U.S. retail sales excluding automotive increased +11% year-over-year in September. E-commerce sales continue to grow, up +10.7% YOY, highlighting the ongoing demand for the convenience of digital commerce. Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment and it is not adjusted for inflation.
Reflecting the broader contraction of the housing market, spending in and around the home is slowing. Furniture & Furnishing and Hardware sectors experienced minimal year-over-year growth, up +1.4% and +1.7% respectively.
On the other hand, experiential spending continues to rein in consumers’ dollars. In September, spending at Restaurants was up +10.9% year-over year, as consumers continue to enjoy eating out. Further, travel remains a priority as spending on Airlines and Lodging experienced double-digit year-over-year growth. This is consistent with the past several months and broader global trends as reflected in the latest Mastercard Economics Institute Report, Shifting Wallets.
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Mastercard SpendingPulse™ |
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|
|
Sales Growth |
Sales Growth |
|
Total Retail (ex. Auto & Gas) |
9.7% |
22.3% |
|
Total Retail (ex. Auto) |
11.0% |
24.6% |
|
E-commerce sales |
10.7% |
90.3% |
|
In-store sales |
11.1% |
16.9% |
|
Retail Sectors |
|
|
|
Apparel |
8.9% |
25.9% |
|
Department Stores |
7.3% |
22.7% |
|
Electronics |
13.9% |
32.7% |
|
Fuel & Convenience |
23.5% |
47.5% |
|
Furniture & Furnishings |
1.4% |
29.4% |
|
Grocery |
9.4% |
24.8% |
|
Hardware |
1.7% |
17.0% |
|
Jewelry |
6.9% |
67.7% |
|
Luxury (ex. Jewelry) |
-5.2% |
6.2% |
|
Restaurants |
10.9% |
44.9% |
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Mastercard SpendingPulse™ |
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|
|
Sales Growth |
Sales Growth |
|
Airlines |
56.4% |
10.9% |
|
Lodging |
38.1% |
42.5% |
|
*Travel sectors are not reflected in total retail sales figure |
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